Mobileye: Q1 loss amid inventory reductions

(CercleFinance.com) - Mobileye, a specialist in autonomous driving and driver assistance, reported a loss for Q1 on Thursday as its customers look to reduce their component inventories.


The Israeli company, part of the Intel Group, said it made a net loss of $55m in Q1, compared with a profit of $115m a year ago.

Sales were almost halved, to $239m, from $458m in Q1 2023.

Mobileye explains that the clean-up of the supply chain, marked by a destocking movement amongst its customers, is continuing in line with the scenario it described in January, heralding an imminent upturn in sales.

The company points out that, following the major contract that it won from Volkswagen last month, other car makers have expressed interest in its technologies, pointing to new agreements in the near future.


Copyright (c) 2024 CercleFinance.com. All rights reserved.